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February 10, 2008 at 9:29 AM in reply to: How come no talk of the 2nd wave of mortgage resets (ie. option ARMs) in 2009-2012?!? #151031February 10, 2008 at 9:29 AM in reply to: How come no talk of the 2nd wave of mortgage resets (ie. option ARMs) in 2009-2012?!? #151039
SD Realtor
ParticipantFirst off, I believe the lag time is longer then 6 months regarding a reset and then a foreclosure. I think in reality it is closer to 9 months. The banks are so overwhelmed that it seems NODs don’t even go out until the 4th or 5th month after the first missed payment. Then there is another 3 months for the NOT. It is now becoming commonplace for NOTs to get postponed. I have a listing right now and we just received our 4th postponement while the lender reviews another offer.
So I think the shift to the right is greater then suspected.
*****
I give odds of at least 50/50 that we WILL see a socialization of housing coming with the next president. If it is Billary then those odds are higher. If it is Mcopentheborders the odds are a little lower. The program arraya posted about is a perfect example. Don’t be surprised if YOUR government subsidizes these homes.
The BEST CASE will indeed be if this second wave hits. In the end yeah we would see another 2 years of very nice price declines in areas that most of us want to live in thus pushing a bottom out until 2012.
4plex your example is a good one however don’t underestimate the establishment to get around the catch you posed. If the gov and banks can simply change the rules. Why not amortize the loan over 50 years, 100 years? Why not just have the taxpayers suck up more then the 180k that is owed in your example where they continue to subsidize the difference between what the owner can afford and what the real payment should be?
Don’t underestimate our next president.
Realtor
February 10, 2008 at 9:29 AM in reply to: How come no talk of the 2nd wave of mortgage resets (ie. option ARMs) in 2009-2012?!? #151056SD Realtor
ParticipantFirst off, I believe the lag time is longer then 6 months regarding a reset and then a foreclosure. I think in reality it is closer to 9 months. The banks are so overwhelmed that it seems NODs don’t even go out until the 4th or 5th month after the first missed payment. Then there is another 3 months for the NOT. It is now becoming commonplace for NOTs to get postponed. I have a listing right now and we just received our 4th postponement while the lender reviews another offer.
So I think the shift to the right is greater then suspected.
*****
I give odds of at least 50/50 that we WILL see a socialization of housing coming with the next president. If it is Billary then those odds are higher. If it is Mcopentheborders the odds are a little lower. The program arraya posted about is a perfect example. Don’t be surprised if YOUR government subsidizes these homes.
The BEST CASE will indeed be if this second wave hits. In the end yeah we would see another 2 years of very nice price declines in areas that most of us want to live in thus pushing a bottom out until 2012.
4plex your example is a good one however don’t underestimate the establishment to get around the catch you posed. If the gov and banks can simply change the rules. Why not amortize the loan over 50 years, 100 years? Why not just have the taxpayers suck up more then the 180k that is owed in your example where they continue to subsidize the difference between what the owner can afford and what the real payment should be?
Don’t underestimate our next president.
Realtor
February 10, 2008 at 9:29 AM in reply to: How come no talk of the 2nd wave of mortgage resets (ie. option ARMs) in 2009-2012?!? #151129SD Realtor
ParticipantFirst off, I believe the lag time is longer then 6 months regarding a reset and then a foreclosure. I think in reality it is closer to 9 months. The banks are so overwhelmed that it seems NODs don’t even go out until the 4th or 5th month after the first missed payment. Then there is another 3 months for the NOT. It is now becoming commonplace for NOTs to get postponed. I have a listing right now and we just received our 4th postponement while the lender reviews another offer.
So I think the shift to the right is greater then suspected.
*****
I give odds of at least 50/50 that we WILL see a socialization of housing coming with the next president. If it is Billary then those odds are higher. If it is Mcopentheborders the odds are a little lower. The program arraya posted about is a perfect example. Don’t be surprised if YOUR government subsidizes these homes.
The BEST CASE will indeed be if this second wave hits. In the end yeah we would see another 2 years of very nice price declines in areas that most of us want to live in thus pushing a bottom out until 2012.
4plex your example is a good one however don’t underestimate the establishment to get around the catch you posed. If the gov and banks can simply change the rules. Why not amortize the loan over 50 years, 100 years? Why not just have the taxpayers suck up more then the 180k that is owed in your example where they continue to subsidize the difference between what the owner can afford and what the real payment should be?
Don’t underestimate our next president.
Realtor
SD Realtor
ParticipantStonebridge is tanking in a huge way. This home is in Calabria. The big problem I have with Stonebridge in general is the location and the fact that it is still very young. No landscape has taken hold yet so everything sits on the pads and there is no character. Lots of distress out there AND unfinished work as well.
SD Realtor
SD Realtor
ParticipantStonebridge is tanking in a huge way. This home is in Calabria. The big problem I have with Stonebridge in general is the location and the fact that it is still very young. No landscape has taken hold yet so everything sits on the pads and there is no character. Lots of distress out there AND unfinished work as well.
SD Realtor
SD Realtor
ParticipantStonebridge is tanking in a huge way. This home is in Calabria. The big problem I have with Stonebridge in general is the location and the fact that it is still very young. No landscape has taken hold yet so everything sits on the pads and there is no character. Lots of distress out there AND unfinished work as well.
SD Realtor
SD Realtor
ParticipantStonebridge is tanking in a huge way. This home is in Calabria. The big problem I have with Stonebridge in general is the location and the fact that it is still very young. No landscape has taken hold yet so everything sits on the pads and there is no character. Lots of distress out there AND unfinished work as well.
SD Realtor
SD Realtor
ParticipantStonebridge is tanking in a huge way. This home is in Calabria. The big problem I have with Stonebridge in general is the location and the fact that it is still very young. No landscape has taken hold yet so everything sits on the pads and there is no character. Lots of distress out there AND unfinished work as well.
SD Realtor
SD Realtor
ParticipantOld Winery trustee sale was postponed. They do have an offer that is currently being processed by the lender. The listing agent is a pretty decent player for higher end homes in the I15 corridor. She was quite nice to me but didn’t give an inch when I tried to pry her for the purchase price. She said she does believe the lender will accept it though.
SD Realtor
SD Realtor
ParticipantOld Winery trustee sale was postponed. They do have an offer that is currently being processed by the lender. The listing agent is a pretty decent player for higher end homes in the I15 corridor. She was quite nice to me but didn’t give an inch when I tried to pry her for the purchase price. She said she does believe the lender will accept it though.
SD Realtor
SD Realtor
ParticipantOld Winery trustee sale was postponed. They do have an offer that is currently being processed by the lender. The listing agent is a pretty decent player for higher end homes in the I15 corridor. She was quite nice to me but didn’t give an inch when I tried to pry her for the purchase price. She said she does believe the lender will accept it though.
SD Realtor
SD Realtor
ParticipantOld Winery trustee sale was postponed. They do have an offer that is currently being processed by the lender. The listing agent is a pretty decent player for higher end homes in the I15 corridor. She was quite nice to me but didn’t give an inch when I tried to pry her for the purchase price. She said she does believe the lender will accept it though.
SD Realtor
SD Realtor
ParticipantOld Winery trustee sale was postponed. They do have an offer that is currently being processed by the lender. The listing agent is a pretty decent player for higher end homes in the I15 corridor. She was quite nice to me but didn’t give an inch when I tried to pry her for the purchase price. She said she does believe the lender will accept it though.
SD Realtor
SD Realtor
ParticipantArraya this is the sort of socialization that is a hell of alot closer then anyone cares to admit.
If people don’t think that the good old boys in the back rooms of Wall St and our government weren’t thinking of ideas like this as the ultimate way out once they knew the bubble was out of control, then I have some swampland in Florida for you all…
Actually I thought a program like this would not be instilled until Hillary takes office but perhaps it will happen sooner so Bush can take credit for it.
SD Realtor
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